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SAN FRANCISCO-Locally headquartered Carmel Partners Inc. has completed the equity raise for its third discretionary institutional real estate investment fund, Carmel Partners Investment Fund III. Carmel's stable of well-known endowments and foundations committed $700 million to the fund, which like its predecessors is focused on multifamily assets with value-add opportunities in supply constrained markets with high barriers to entry.

Carmel has given itself four years to invest the equity from its newest fund, one more year than is typical. “When we went out in the early summer [to raise the equity], we thought–accurately, as it turned out–that there we might see a period of illiquidity [due to turmoil in the financial markets],” Carmel managing partner John Williams tells GlobeSt.com. “So we told investors there may be a period where we might not do anything if there is a gap between bid and ask, and there is; buyer's think there should be a shift in cap rates and sellers don't necessarily believe that.”